Guideline Value for MADHAVAR STREET

Madhavar Street guideline value

The current guideline value of Madhavar Street is Rs 1,320 per sq.ft, effective from 1 July 2024. This street is located in Pallikaranai village and falls under the Chennai South Joint I SRO. The land classification for this area is Residential Class IV Type - II.

How the guideline value of Madhavar Street has changed

The guideline value for Madhavar Street has seen several revisions over the years. In 2002, the value was Rs 84 per sq.ft, which increased to Rs 99 per sq.ft in 2003, marking an 18% rise. The value then saw a significant jump to Rs 400 per sq.ft in 2007, reflecting a 304% increase. Following this, the value surged to Rs 1,200 per sq.ft in 2012, indicating a 200% increase from the previous figure. However, it then decreased to Rs 804 per sq.ft in 2017, a decline of 33%. The value rose again to Rs 1,200 per sq.ft in 2023, and finally, it reached Rs 1,320 per sq.ft in 2024, representing a 10% increase from the previous year.

Overall, from 2002 to 2024, the guideline value has increased by 1,471%. There are no figures available for the years not mentioned in the register for Madhavar Street.

Guideline values in Pallikaranai

Pallikaranai village has a total of 749 streets under the Chennai South Joint I SRO that carry a 2024 guideline value, ranging from Rs 1,110 to Rs 8,580 per sq.ft. The median guideline value for these streets is Rs 1,650 per sq.ft, placing Madhavar Street's 2024 figure below this median.

• Madipakkam Road: Rs 3,300 per sq.ft (2024)
• Madaveethi Cross Street: Rs 2,200 per sq.ft (2024)
• Mada Veethi: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar Main Road: Rs 2,200 per sq.ft (2024)
• L.I.C. Nagar /All Street /Main Roads /Cross Street: Rs 2,200 per sq.ft (2024)
• L.I.C.Nagar 5th Street: Rs 2,200 per sq.ft (2024)

Stamp duty and registration fee for property in Madhavar Street

For a 1,000 sq.ft plot at the current guideline value of Rs 1,320 per sq.ft, the total guideline value amounts to Rs 13,20,000. The stamp duty at 7% would be Rs 92,400, and the registration fee at 2% would be Rs 26,400, bringing the total cost for these fees to Rs 1,18,800. It is important to note that the duty is charged on the higher of the guideline value or the sale price.

You can use our stamp duty and registration fee calculator for more details.

Which Sub Registrar Office covers Madhavar Street?

The Sub Registrar Office that covers Madhavar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035. You can find your SRO for more information.

How the guideline value is used when you buy or sell in Pallikaranai

The guideline value is a crucial factor during the registration of property transactions in Pallikaranai. It serves as a benchmark for determining the minimum value at which properties can be registered, ensuring that the government receives appropriate revenue from stamp duty and registration fees.

When buying or selling property, the guideline value helps in assessing the transaction's legitimacy and compliance with local regulations. Buyers and sellers should be aware of the current guideline value to ensure a smooth registration process.

Frequently asked questions

What is the current guideline value of Madhavar Street?

The current guideline value of Madhavar Street is Rs 1,320 per sq.ft, effective from 1 July 2024.

How has the guideline value changed over the years?

The guideline value has changed from Rs 84 per sq.ft in 2002 to Rs 1,320 per sq.ft in 2024, showing a significant increase over the years.

What is the registration office for Madhavar Street?

The registration office for Madhavar Street is the Chennai South Joint I Sub Registrar Office, located at Integrated Building For Offices Of The Commercial Taxes And Registrations Department, Fanepet Nandanam, Chennai -600 035.

What are the stamp duty and registration fees for property in Madhavar Street?

For a property valued at Rs 13,20,000, the stamp duty would be Rs 92,400 and the registration fee would be Rs 26,400, totaling Rs 1,18,800.

How is the guideline value determined?

The guideline value is determined by the Registration Department and is based on various factors, including land classification and historical revision data.